19-2 The partnership of Lucena Watin and Julie Ann Veloso has come to an end. Upon their urgent request, the accountant prepares the Statement of Financial Position as follows: Assets Liabilities and Partners' Equity Cash P 20,000 Liabilities P 60,000 Inventories 80,000 L. Watin, Loan 10,000 Furniture & Fixtures 100,000 L. Watin, Capital 40,000 J. Veloso, Capital 90,000 Total Liabilities & Total P 200,000 Partners' Equity P200,000 Non-cash assets were realized for P85,000. The partners profit and loss sharing was 60%-40% respectively. Required: A - Prepare Statement of Partnership liquidation assuming: 1. Watin is solvent partner. 2. Watin is an insolvent partner. Journal entry to record the partnership liquidation under the two (2) B assumptions. cs Scanned with CamScanner